Open Text buys Information Dimensions

Article Abstract:

Open Text Corp. in Waterloo, Ontario, spent around $10 million in cash to acquire its competitor Information Dimensions Inc., based in Dublin, OH. Open Text's purchase of Information Dimensions will place the latter among the dominant players in the document and information management software business. International Data Corp. estimated that the combined operations of Open Text and Information Dimensions is equivalent to nearly $70 million, ranking second only to market leader Documentum Inc. of the US. Meanwhile, International Data senior analyst Amie White stated that the cultural dissimilarities between the two companies are being underrated by Open Text.

Comment:

Spends around $10 million in cash to acquire its competitor Information Dimensions Inc based in Dublin, OH

Ohio, Applications Software Pkgs (Micro), Applications software, Data warehousing software, OpenText Corp., Information Dimensions Inc.

---

MGI collects compensation as merger with Discreet fails

Article Abstract:

MGI Software Corp. of Richmond Hill, Ontario, collected on Jun. 8, 1998, compensation worth $750,000 from Discreet Logic of Montreal, Canada, following the latter's withdrawal of its all-stock bid for MGI. The compensation included $450,000 in refund for merger-related costs and $300,000 to fund a research on the utilization of the advanced technology of Discreet for the manipulation of of photos and video in the consumer marketplace of MGI. Since late May 1998, MGI and Discreet had been conducting talks when Discreet withdrew its bid. Hours later, MGI investors endorsed Discreet's bid to enable MGI to demand compensation from Discreet.

Comment:

Pays MGI Software Corp of Richmond Hill, Ontario, $750,000 in compensatin on 6/8/98 for this co's withdrawal of its bid

Canada, Computer Services NEC, Computer Systems Design and Related Services, Information technology services, MGI Software Corp., Discreet Logic Inc.

---

Corel to chop 20% of staff

Article Abstract:

Corel Corp. of Ottawa, Ontario, is closing two key operations and eliminating 20% of its1,680-strong workforce as it posts a loss of $8.3 million in the second quarter ended May 31, 1998. The closures and lay off are part of a strategy to decline in size back to profitability after six consecutive quarters of losses. Corel is shutting down its WordPerfect operation in Orem, Utah, and is laying off 530 jobs, while disbanding Ottawa-based computer hardware unit Corel Computer Corp. Corel is to take charges of not less than C$5.5 million in its third quarter due to the closures, which will mean savings of C$33 million in yearly expenses.

Comment:

Is closing 2 key operations and cutting 20% of 1,680 workers in bid to be profitable after 6 straight quarters of losses

Labor force information, Parent-to-subsidiary activities, Corel Corp.

Similar abstracts:

• Abstracts: OSC gives Fonorola extension. Teleglobe big winner in Bell stake selloff. Philip Services lines up sales of two more assets
• Abstracts: Eaton's boosts earnings forecast. Eaton's stumbles in launch of teen shops. Sears squeezes men's wear suppliers
• Abstracts: Harrowston ready to shop again. Royal Bank faces lawsuit. Magin Energy to buy Torrington
• Abstracts: New services raise Internet stakes. Excite buys IMall in all-stock deal. Excite launches on-line auction system
• Abstracts: YBM probe unveils policy breaches. YBM linked to money laundering in N.Y. Kosich's departure may save Eaton's $1-million

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.